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Gold must break $1,240-$1,245 to spur fund buying

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NEW YORK (Scrap Register): Gold and silver may fare better in November, but gold needs to clear resistance around $1,240 to $1,245 an ounce to attract more fund buying, said INTL FCStone in its monthly commodities outlook.

“A weaker dollar, perhaps setting in by month end on the back of a possible Trump-Xi breakthrough [on U.S.-China trade relations] could give both complexes a late-month lift…,” INTL FCStone added.

“We are mildly constructive on platinum, but see palladium as being overdone at current levels on account of car sales slowing in both the U.S. and Chinese markets. We said the same thing last month and were proven wrong, but would stick to the narrative going into November,” the firm noted.

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